Crude oil futures fell Thursday morning after an industry report showed an increase in U.S. inventories.
At 9:41 a.m. Thursday, March Brent oil futures were $78.74, down 0.33%, and WTI March crude oil futures (West Texas Intermediate) were $75.22, down 0.29%.
February crude oil futures were trading at 6,513 pounds on the Multi Commodity Exchange (MCX) during the first trading session on Thursday, ending at 6,561 pounds. 6516 pounds, 0.68% decrease.
The latest data from industry body American Petroleum Institute (API) showed a 1 million barrel increase in crude oil inventories in the United States for the week ending January 17. .
Official US EIA (Energy Information Administration) data is expected later on Thursday. EIA data provides a clear picture about US crude oil inventory levels for the week ending January 17th.
Market players are also analyzing the potential impact of the decision by US President Donald Trump to impose tariffs on several countries. They feel that such a move could impact the global economy. This can affect demand for commodities such as crude oil.
On Wednesday, Trump warned of tariffs and sanctions if Russia does not end its war with Ukraine. In a post on social media platform Truth Social, Trump said: Solve it now and stop this stupid war! It will only get worse. If we don’t make a “deal” then Russia will soon have no choice but to put high levels of taxes, tariffs and sanctions on what is being sold to the US and what is being sold to various other participating countries. there is no. Let’s take this war. We can do it the easy way, or the hard way – and the easy way is always better. It’s time to “make a deal”. No more lives should be lost!!!”
Russia is one of the main producers of crude oil on the world market.
Separately, Trump has warned of tariffs against the European Union. He also announced the decision to impose 25% tariffs on Canada and Mexico. On Tuesday, Trump said his team was discussing 10% tariffs on China.
January zinc futures traded at 272.90 pounds on MCX during the first trading session on Thursday, down 0.82% from the previous close of 275.15 pounds.
